Inverness Medical Innovations
This article was originally published in The Tan Sheet
Executive Summary
Pregnancy tests "will be the engine of growth for the company in the next several quarters," Chairman & CEO Ron Zwanziger says during Feb. 20 analysts call. Waltham, Mass.-based firm will introduce a "new-format digital pregnancy test" before the end of 2003, earlier than previously expected. Potential outcomes of pregnancy test patent infringement suit against Pfizer were not factored into Inverness' projections; the firm recently obtained a preliminary injunction against Pfizer's e.p.t. test kits (1"The Tan Sheet" Jan. 6, 2003, In Brief). Inverness expects Q1 2003 net revenues of $63 mil. and annual revenues of $275 mil. Firm saw 2002 net sales leap 339.5% to $207.9 mil., due to its acquisition and integration of the Unipath women's health group, the IVC supplement business and the diagnostic firm Wampole, Inverness says in 2Feb. 20 release. Net income for the year was $1.4 mil., compared to last year's $4 mil. loss...